Loan for person with "fair" credit rating?

bthere79

zopa declined my application too... i'm really frustrated, I've never missed a payment in my life yet I'm being treated like somebody who's not reliable. What's odd is that the 'soft' seach said it was likely to be accepted quoting a (low) APR of 7.4% but then it got eventually declined. Now with 3 hard searches it's becoming even less likely I get accepted. It's frustrating they wouldn't tell you why!

On checkmyfile I can see there's nothing wrong with the equifax and callcredit profiles, all clean, although the score is "fair", not good or excellent. I'm starting to wonder if it could be because it looks like Experian shows me as not on the electoral roll (I had this fixed in the past yet it seems to reoccur after a few months). Surely whoever is looking at my application can see that i am on the roll and that the other two providers have me as confirmed on the roll.

Any advice is very welcome, i'm starting to get really depressed over this. I think tomorrow I will try to go and speak to the manager of a branch of my bank and see if they can do anything, perhaps just increase my overdraft. It's 3k currently, perhaps they can temporarily increase it to say 8/10k? Any comments are welcome....

drbesty

They won't give you a 10k overdraft, how far are you into your current overdraft?

Dabooka

As asked before, you need to state

How much do you earn? (substantially above average, by how much?)
How much do you want to borrow? (you mentioned a "few thousand" which suggests £3k to me, but would like an increase of seven on your o/d?)
Any existing debt?

bthere79

didnt want to post a lot of personal details but fair enough

net monthly around 4k + annual bonus

initially applied for 18k at lloyds, i lowered the other two applications to 14 and 12k but at this stage given it's proving so difficult i'd be ok with 10k, i can probably find the rest using overdraft and credit cards

i have a very good job, same employer for 4 years, same bank for 4 years, same flat (private tenant) for 3 years (been in the UK for 4 years now)

no existing debt, overdraft limit of 3000 which i occasionally used in the past, not used now
3 credit cards, about 5k limit, pay everything in full every month, outstanding at the moment less than 1k altogether

no outstanding debt, nada! as somebody suggested above, i'm starting to wonder if stating that the loan was for 'home improvements' could have anything to do with them being declined since I don't own a house in the UK (as stated above it's overseas), although I think it comes down to my credit score being relatively low because of not having mortgages and stuff? I'm asking for 3times my monthly salary with no outstanding debt, no dependants, nothing. Then I read around about people deep in debt (somebody must have approved that) often with no intention to pay it back and really bad credit history. Really frustrating!!!

jamesd

The Zopa application didn't add a hard search. They only convert from quotation search to application search if your application is accepted.

Yes, loans for home improvements can be harder to get because some lenders won't lend for that purpose.

immoral_angeluk

Can you not take a secured loan on the overseas property for the renovations?

bthere79

my loan got finally approved with ratesetters, they've been really quick, efficient and professional. They called me at work (which makes a good check I guess) asked for evidence of my income (which I promptly sent) and issued the payment today, which I already received this morning, ultra quick as I said, I'd highly recommend them.
Only thing I had to do different from previous applications was to say that the loan was to buy a car... I didn't really want to lie but I couldn't understand why my applications kept on getting rejected. I didn't misrepresent my ability or willingness to repay the loan and I have every intention to pay it back so I don't feel I've done anything too wrong although I always feel a bit bad having to resort to this. But at the end of the day how I spend the money makes very little difference to whether I can pay it back so I don't know why they'd make such a big deal of that...
anyway thanks again everyone for the advice and the support

bthere79

bengalknights wrote: »

The trick is to say something like buying a car instead of overseas property as banks dont like that bit, what you could try is Zopa.

this post was golden... thanks again!